I am a Ph.D candidate in the accounting department at Stanford University Graduate School of Business.
I like to think that, at the core of my various research endeavors, is the notion of capital market imperfections (e.g. limits to arbitrage, deviations from von Neumann-Morgenstern preferences, criminal behavior, etc.). I am interested in how these frictions shape disclosure decisions, information environments, asset pricing, investor decision-making, and non-financial market outcomes. Ultimately, I strive to write research papers that cleverly exploit these capital market imperfections in order to learn something new.
My job market paper is a study of the extent to which firm disclosures can be informative for individual investors. While the magic of markets perfectly aggregates individual expectations into prices without fail, it is ex ante unclear whether these individual expectations are formed with efficiency and accuracy. I empirically show the fact that, and why, a cartel of insider traders who illegally obtained early access to earnings announcements unfailingly struggled to identify the stocks with the greatest returns.
My research methods include both empirical and analytical. The Research section of this site highlights a selection of my working papers. It is with great excitement that I submit them to your readership. I can genuinely say that each one of them has been, and is, a passion project.
Finally, I want to tell you about the village it took. I am currently on the academic job market along with my two outstanding colleagues, Eddie Watts and Steven Mitsuda. Eddie studies securities regulations and Steven studies financial reporting quality. We have supported each other for five years and it is bittersweet that the next stage is on the horizon. Anne Beyer graciously advised me on my first theory paper and I owe her for opening that world to me and for teaching me rigor. My long-distance co-authors Ed deHaan and Christina Zhu are role models as econometricians but even more so as team players. I am most fortunate to have the entire accounting and finance faculty and students at Stanford, but especially Jung ho Choi, Brandon Gipper, and Jeffrey Zwiebel, whom I can always turn to for advice. Finally, I am eternally grateful for their endless erudition and stalwart support – my advising committee: Joseph Piotroski, Charles Lee, and Maureen McNichols. They are true heros.